When you do Lonnie Deals, do you purchase and sell mobile homes under other legal entities besides your name? How about financing? Do you use other entities? Any suggestions on choosing entities?
I would really appreciate any suggestions and or comments.
Thank you.
Danny, It’s always best to use some form of entity, don’t leave yourself personally liable. In most states an LLC will work just fine. In my mobile home park we use a separate LLC for the financing, if you’re just doing a few Lonnie deals in the beginning I wouldn’t think it’s really necessary.
By no means am I an expert in entity structures, I do remember a conversation with Dykes Bodiford where he suggested an LLC for doing Lonnie deals, an LLC may not be best in every state. By the way his materials are excellent, you should check out his Entity Structure program.
Good Luck !
Post Edited (03-15-07 13:51)
Hello Fred,
Thank you for your advice. I talked to you at MHM 5. I was very impressed how you turned around an ugly park to a nice park.